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How can I get the best possible exchange rate sending money abroad?

See how much you can save using a Foreign Exchange Payments specialist

If you want to save money when sending money abroad having access to information is the key, most importantly you need up-to-date information on exchange rates and fees.
When you use BestExchangeRates you can see clearly which currency vendor is offering the best deal for your International Money Transfers and Travel Money needs, and most importantly who is taking the lowest margin on the exchange rate and smallest fees to give you the largest possible converted amount.

The Biggest Cost is in the Exchange Rate Margin not the Fees.

Both banks and currency exchange providers apply a margin (a percentage charge) to the mid-rate you see on the news each night, the mid-rate is what it costs large banks and currency brokers to buy and sell foreign exchange and is also sometimes called the Inter-bank exchange rate.

On top of this exchange rate margin they generally also apply fees and commissions, all these add up to your Total Cost of Exchange. The largest cost component is generally in the Exchange Rate Margin not the commissions and fees. Often currency vendors advertise that their exchange is "Commission Free" but this is because they make all their profit through the rate.

For transfers, you should avoid paying a Total Margin anywhere above 1.5 per cent (of the amount being transferred) for major currencies (USD, EUR, AUD, GBP, CAD, NZD, CHF etc) and 2 to 3 percent for all other currencies.

Using your Bank's exchange rates services (both via online banking and in bank branches) to make international money transfers can be very expensive - often 5% to 6% worse than you can get by using one of our foreign exchange partner for your transfer.

Bank International Money Transfers are often 5% to 6% more expensive than using a global payment provider.

Our BER partner global payment providers deal directly with the currency markets which means they can offer highly competitive exchange rates on all major currencies, they can better the rates offered by banks - for a $10,000 transfer you could save over $500.

They can also offer you advice on timing your transaction and ways to manage currency fluctuations and risk so that you obtain the best possible exchange rate. Opening an account with the Foreign exchange provider is quick, simple and completely free.

Author: David Brown

David has extensive experience in foreign exchange markets after multiple roles at investment banks and fintech startups in London and Sydney. He founded the BER platform with the goal of providing Retail and SME customers access to the same exchange rate transparency and competition previously only available to larger institutions. BER is now the leading specialist FX comparison website in Australia and a growing list of countries.

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DISCLAIMER

BestExchangeRates.com is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking BestExchangeRates to
provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a
range of products & services in response to your request for information. The search results do not include all providers and may
not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to
you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with BestExchangeRates.
Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

BestExchangeRates may receive fees or other benefits in relation to activity on the BestExchangeRates website.
BestExchangeRates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own
and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product.

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